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According to a new market report published by Credence Research “Carbon Fibers Market – Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023,” the carbon fiber market is expected to reach over US$ 4.8 Bn by 2023, expanding at a CAGR of more than 9.7% from 2016 to 2023.

Carbon fibers are fibers which consist of 90% of carbon atoms. The microscopic crystals are aligned parallel to the long axis of carbon fiber. The fiber becomes incredibly strong for its size due to the crystal alignment. Thousands of carbon fibers are warped together to form a yarn which is then woven into fabric. Carbon fibers are usually classified by the tensile modulus of fiber. Almost 30 years ago, carbon fiber was not used due to its cost and hence was only used in the aerospace industry. Carbon fibers are now used in various industries such as sporting goods, automotive, wind turbines, marine, construction, 3D printing and many such applications.

Raw materials which are used in the manufacture of carbon fiber is known as the precursor. Almost 90% of the carbon fibers are manufactured using polyacrylonitrile (PAN). The remaining 10% are made from petroleum pitch or rayon. In the manufacturing process of carbon fiber, many liquids and gases are used. Some of these materials are designed in a special way to get a specific effect.

Growing demand for carbon fibers from the aerospace & defense industry is the major driving factor of global carbon fibers market. Carbon fibers are known for its high strength to weight ratio. Therefore they are used on a large in manufacture of aircraft components such as elevators, floor beams, wings, engine nacelles and vertical stabilizers among others. Increasing demand from the automotive and wind industry is another factor driving the growth of global carbon fibers in the market.

Competitive Insights:

Growing demand for carbon fibers from the aerospace & defense industry has led to the growth of carbon fibers market in North America. North America accounted for major share of global carbon fibers market and is expected to increase in the near future. High demand for lightweight aircrafts from the defense industry is driving demand for carbon fibers in the global market. Europe accounted as the second largest market for carbon fibers in 2015. Growing automotive industries in the region has boosted demand for carbon fibers in Europe. Fuel efficiency is the major factor boosting demand for carbon fibers in manufacturing automobiles in the region. Hence, Europe is expected to boost high demand for carbon fibers during the forecast period. Increasing demand for carbon fibers from the construction and wind industry in Asia Pacific is also expected to fuel growth of carbon fibers market in the region. Other regions such as Latin America and Middle East and Africa are also projected to boost high demand for carbon fibers in the near future.